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Oct 15, 2017

3 Best Practices for Patient Payment Plans

A statistic from “2011 Trends in Healthcare Payments Report” reveals that 65% of patients felt that every healthcare organization should offer patient payment plans! While most organizations are adhering to this demand of their patients, in hopes of boosting their revenues, they are also coming across many challenges in this regard. While payment plans are a great way to raise revenues for the healthcare organizations, but the collection of such payments is not always simple. Many healthcare organizations across the US are still struggling with this new payment type. So, here are some best practices that you can use to simplify the payment process for patient payment plans.

· Automate the Payments: Managing a calendar for each patient, making calls when the payment date approaches and then reminding him/her to make the manual payment is such a waste of effort. The best policy in this respect would be to automate the payment process, whereby installment amount gets deducted automatically from the patient’s account. Pre-authorized payments can cut short the unnecessary follow-up needs.

· Automate the Communications: There are many instances when automatic deductions can lead to confusions. The patient who has already pre-authorized his payment forgets this fact completely. He gets a shock when checking the bank statement and calls you up with an intention to quarrel. You can save such unpleasant instances by sending automated emails before the payment is deducted.

· Create a Rule: It is good to offer payment flexibility to the patient. But the patient payment portal should also have a set of rules too. You need to set the parameter for minimum monthly payments as well maximum time limit for complete payment (against the billed amount).

If you need any more help, use the third party services in regards to the patient payment plans. It would help you manage the payments easily.